KUALA LUMPUR: As Taiwan celebrated its 111th National Day yesterday, its representative from the Taipei Economic and Cultural Office in Malaysia, Anne Hung, said the the country is moving progressively toward becoming an economic powerhouse in the region.
In her speech, she said Taiwan’s economic growth rate in 2021 was the highest in 11 years and stood at 6.57% despite the outbreak of Covid-19 in 2020.
Speaking on bilateral relations between Malaysia and Taiwan, Hung said Malaysia is the country’s seventh largest trading partner, with a volume of RM128.34 billion in 2021. Being the eighth largest foreign direct investor in Malaysia, Taiwan’s investment reached RM65.1 billion last year.
Hung told theSun that there are many sectors that Malaysia and Taiwan could continue to explore in strengthening trade and bilateral relations between the two countries, and she aims to promote more industrial cooperation as industries in both countries complement one another.
“Both countries are among the world’s top 10 semiconductor producers, and trade figures show the items that are being exported from Malaysia to Taiwan, and vice-versa, are similar,” she said.
For the semiconductor sector, Taiwan is upstream and produces chemicals and silicon wafers while Malaysia is downstream, and focuses on the production of end-user products such as computers, mobile phones and other electronics.
“Most of Taiwan’s semiconductor industries in Malaysia would conduct testing and packaging in Penang. About 1,700 Taiwanese companies are operating here, and I think they have contributed a lot in upgrading Malaysian industries by bringing in capital and technology.”
She said there are growing interests among many Taiwanese businesses, especially high-tech companies in Southeast Asia, and some are planning to enter Malaysia.
Hung pointed out that her office has facilitated discussions between Silicone Valley-based Taiwanese technology companies and the Malaysian Industrial Development Authority to move their businesses to Malaysia.
“We do our best to encourage companies and investors to come to Malaysia. Depending on the industry, I think the investors and business owners have a good assessment for determining a good place to set up their companies in Malaysia.
“I think Malaysia has its advantages. According to many Taiwanese investors here, Malaysia has a very sound infrastructure, a multilingual workforce and an open political system. Nonetheless, the biggest challenge that Malaysia is facing is a shortage of labour,” said Hung.
In terms of the healthcare system, Taiwan is well-known for its advanced medical devices, equipment and management systems. Without sharing further details, Hung indicated that there are considerable medical systems and technology investments that will make their way to Malaysia soon.
“Medical and healthcare systems are our forte and we want to expand it in Malaysia by introducing the systems and technologies to local hospitals,” she said.
Apart from semiconductors, technologies and medical systems, Hung said Taiwan’s largest real estate company, Sinyi, has also invested about RM1 billion in Mengalum Islan in Sabah for a six-star resort catering to the high-end tourism market.
On talent, Hung said Malaysia is one of the countries where many Taiwanese companies recruit from. They are mainly Malaysians who graduated from Taiwanese universities.
“At the moment, Taiwan is facing its lowest birth rate and we need more talent.
“Fortunately, a recruitment delegation came to Malaysia three weeks ago, bringing in semiconductor companies and other American hi-tech companies to recruit Malaysian talent,” she added.